[applause] i guess they were all guilty. [laughter] thank you so much for the lovely introduction and for sharing the wonderful history of your friendship and his mentorship. Both of you have played a large role in the event of the history for over five decades and the law schools are incredibly fortunate to have you both in leadership and all of you are wonderful as leaders and as institutional leaders. I want to thank everyone for joining this to discuss the an exciting and extremely timely book and a portrait of donald trump and 3500 lawsuits. His other two books both of which are highly relevant to other books as well are cases that mattered and americans greatest trial court and supremely partisan here and how in Supreme Court. This is the fifth time you get to sit with you to talk about your wonderful work. So its meaningful and noise fun to have a conversation with you. You are someone who as i described an extraordinary contour. You have been a wonderful friend who is given so
Lawmakers also heard testimony from the head of the housing agency, this hearing is just under three and a half hours. Will come to order. Without objection the chair is authorized to declare a recess of the committee at any time. This hearing is entitled, the end of Affordable Housing . A review of the Trump Administrations plans to change Housing Finance in america. Before i recognize myself, members, today is mr. Mchenrys birthday. [ applause ] if anyone wishes to sing happy birthday, please save it until later. Thank you. We all thank you for that, madame chair. Happy birthday. Thank you. I now recognize myself for four minutes to give an Opening Statement. Good morning, today were here to discuss the impact of the Trump Administrations Housing Finance reform plans. We are joined by treasury secretary steven ma shun, ben carson, and mark calabrio welcome. Let me say up front the Trump Administrations housing reform plan would be a disaster for our housing systems. The Trump Adminis
[inaudible conversations] [inaudible conversations] [inaudible conversations] this hearing will come to order. Today we are joined by the leading voices within the administration on reforming and strengthening our housing and finance system. The secretary of the treasury, and the secretary of housing and urban development, both of whom have just submitted Housing Finance reform for fossils to the president , as was the director of the federal Housing Finance agency who serves as the regulator and conservator of fannie mae and freddie mac. I want to thank each of you for coming to the committee this morning. Last friday marked 11 since the government bailed out and put fannie mae and freddie mac into conservatorship, where they remain today. Prior to 2008, the governmentsponsored Enterprises Held a 45 cents in capital for every 100 in mortgages they guaranteed. Now just 19 cents after a historic 200 billiondollar bailout from taxpayers. 11 years later they continue to be too big to fail
[inaudible conversations] [inaudible conversations] this hearing will come to order. Today we are joined by the leading voices within the administration on reforming and strengthening our housing and finance system. The secretary of the treasury, and the secretary of housing and urban development, both of whom have just submitted Housing Finance reform for fossils to the president , as was the director of the federal Housing Finance agency who serves as the regulator and conservator of fannie mae and freddie mac. I want to thank each of you for coming to the committee this morning. Last friday marked 11 since the government bailed out and put fannie mae and freddie mac into conservatorship, where they remain today. Prior to 2008, the governmentsponsored Enterprises Held a 45 cents in capital for every 100 in mortgages they guaranteed. Now just 19 cents after a historic 200 billiondollar bailout from taxpayers. 11 years later they continue to be too big to fail and are even more leverag
This hearing will come to order. Today we are joined by the leading voices within the administration on reforming and strengthening our Housing Finance system. The secretary of the treasury and the secretary of housing and urban development, both of whom have just proposed proposals to the president , as well as the director of the federal Housing Finance industry who serves as the regulator and conservator of fanny mae and freddie mac. Last friday marked 11 years since the government bailed out and put fanny mae and freddie mac into conservatorship where they remain today. Prior to 2008, they held just 0. 45 in capital for every 100 in mortgages they guaranteed. Now they hold just 0. 19. After a historic 200 billion bailout from the taxpayers. 11 years later, these Important Companies continue to be too big to fail, and are even more leveraged than they were before the financial crisis. And taxpayers remain on the hook in the event of the next market downturn. In march, President Trum